Levi & Korsinsky LLP and the law firm of Alfred G. Yates
PITTSBURGH, May 11, 2022 (GLOBE NEWSWIRE) — Levi & Korsinsky LLP and the law firm of Alfred G. Yates Jr. PC announce that the United States District Court for the Western District of Pennsylvania has approved the following announcement of a proposed class action settlement that would benefit purchasers of Cloud With Me. Tokens Ltd. :
SUMMARY NOTICE OF DRAFT CLASS ACTION SETTLEMENT
TO: ALL PERSONS OR ENTITIES WHO HAVE PURCHASED OR OTHERWISE ACQUIRED CLD TOKENS DIRECTLY FROM CLOUD WITH ME, LTD. BETWEEN JULY 25, 2017 AND JUNE 19, 2018, INCLUSIVE (THE “CLAIM PERIOD”), WHILE THEY ARE LOCATED IN THE UNITED STATES, AND HAVE BEEN DAMAGED (THE “CLAIM”).
THIS TO REMARK HAS BEEN AUTHORIZED BY THE TO RESEARCH.
PLEASE LILY THIS CAREFULLY.
YOU HEREBY BE ADVISED that a hearing will be held on July 26, 2022 at 9:30 a.m. before the Hon. Mark R. Hornak of the United States District Court for the Western District of Pennsylvania at the Joseph F. Weis, Jr. United States Courthouse, 700 Grant Street, Pittsburgh, PA 15219, to determine whether, among other things: (1 ) the proposed settlement (the “Settlement”) with Cloud With Me Ltd., Gilad Somjen and Asaf Zamir (the “Defendants”) for $165,000 in cash plus any income thereon must be approved by the Court as fair , reasonable and adequate; (2) the proposed final judgment, dismissing and releasing various claims against the Settlement Defendants, as contemplated by the Settlement Parties’ stipulation and settlement agreement (“Stipulation”), shall be entered; (3) the proposed allocation plan must be approved; and (4) an allocation of attorneys’ fees and expenses from the settlement proceeds should be made.
This litigation is a securities class action brought on behalf of those who purchased or otherwise acquired CLD tokens directly from Cloud With Me, Ltd. during the Class Period while in the United States and allegedly thereby damaged (the “Class Members”) against Defendants for allegedly issuing unregistered securities in violation of federal securities laws. The main plaintiff alleges that these damages caused damage to the members of the group. The defendants parties to the agreement deny all the allegations of the principal plaintiff.
IF YOU ARE A CLASS MEMBER DESCRIBED ABOVE, YOUR RIGHTS MAY BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY HAVE THE RIGHT TO SHARE THE SETTLEMENT FUNDS.
To be eligible to participate in the distribution of the Proposed Settlement Fund, you must establish your rights to do so by submitting a Proof of Claim Form to the Claims Administrator to be postmarked no later than July 19, 2022. Your failure to do so will prevent you from receiving any part of the Settlement. Any objections to the proposed settlement, plan of distribution or request for an award of attorneys’ fees and expenses should be filed and delivered to Class Counsel and Defendants’ Counsel at the addresses below and in Court : Clerk of the Court, United States District Court for the Western District of Pennsylvania, Joseph F. Weis, Jr. United States Courthouse, 700 Grant Street, Pittsburgh, PA 15219 by July 6, 2022, of the manner and in the form set forth in the full “Notice of Suspension and Proposed Class Action Settlement” (the “Notice”).
IF YOU WISH TO BE EXCLUDED FROM THE COURSE, YOU MUST SUBMIT A WRITTEN REQUEST FOR EXCLUSION NO LATER THAN JUNE 26, 2022, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. IF YOU ARE A CLASS MEMBER AND DO NOT REQUEST EXCLUSION, YOU WILL BE BOUND BY THE SETTLEMENT AND ANY FINAL JUDGMENT ENTERED INTO THIS MATTER, WHETHER OR NOT YOU SUBMIT PROOF OF CLAIM.
You can obtain the notice, together with a copy of the stipulation (which, among other things, contains definitions of defined terms used in this summary notice), a proof of claim form and the proposed final judgment, online at www.strategicclaims.net/CLD or by writing to the Claims Administrator:
Ballestra v. Cloud With Me, ltd.
c/o Strategic Claims Services
600 N. Jackson Street, Suite 205
PO Box 230 Media, PA 19063
PLEASE DO NOT CONTACT THE TO RESEARCH WHERE THE CLERK DESK IN REGARDS TO THIS TO REMARK.
Requests for information, other than requests for Notices or Proof of Claim forms, may be directed to Class Counsel or Defendants’ Counsel:
Alfred G. Yates, Jr.
Law Office of Alfred G. Yates, Jr. PC
1575 McFarland Road, Suite 305
Pittsburgh, Pennsylvania 15216
Donald J. Enright LEVI & KORSINSKY LLP
1101 30th Street, NW, Suite 115
Washington, D.C. 20007
The defendants Advice:
Eric S. Rosen Kyle W. Roche
Roche Freedman LLP
99 Park Avenue, Suite 1910
New York, New York 10016
|Dated: April 21, 2022|
|HON. MARC R. HORNAK
CHIEF JUSTICE OF THE UNITED STATES DISTRICT COURT